Second quarter net sales at Ulta Beauty increased by 0.9 percent to 2.6 billion dollars due to new store contribution and growth in other revenue, while comparable sales decreased 1.2 percent.
Based on these results, Ulta Beauty has lowered its outlook and now expects full year net sales to be in the range of 11 billion to 11.2 billion dollars with comparable sales down 2 percent, and diluted earnings per share between 22.60 dollars to 23.50 dollars.
“While we are encouraged by many positive indicators across our business, our second quarter performance did not meet our expectations, driven primarily by a decline in comparable store sales,” said Dave Kimbell, the company’s chief executive officer in a statement.
For the first six months, Ulta Beauty’s net sales increased by 2.2 percent to 5.3 billion dollars, and comparable sales increased 0.2 percent.
Gross profit for the second quarter declined to 978.2 million dollars, operating income decreased to 329.2 million dollars. Net income decreased to 252.6 million dollars and diluted earnings per share to 5.30 dollars.
Gross profit for the first half period was flat at 2 billion dollars, while net income declined to 565.7 million dollars and diluted earnings per share to 11.78 dollars.
During the second quarter, the company opened 17 new stores, closed one store and operated 1,411 stores. During the first six months, the company opened 29 new stores and closed three stores.
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